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Sector Update: Financial

Posted
9/12/2013 9:03:00 AM
By: MT Newswires
Referenced Stocks:PSEC;STSA;UMPQ

Financial shares fairly flat in today's pre-market session.

In stocks news, Prospect Capital Corporation ( PSEC ) says has provided a $75 million floating-rate senior-secured term loan to support the recapitalization of American Broadband Communications.

Prospect has closed approximately $2.0 billion of originations to date in the 2013 calendar year. Prospect closed more than $3.0 billion of originations in the 12 months ended June 30, 2013.

And, Sterling Financial Corporation ( STSA ) and Umpqua Holdings Corporation ( UMPQ ) have entered into a definitive agreement pursuant to which Sterling will merge with and into Umpqua. The transaction will have a total value of approximately $2 billion.

The combined organization will have approximately $22 billion in assets, $15 billion in loans and $16 billion in deposits, with 5,000 associates and 394 stores across 5 states: Oregon, Washington, Idaho, California and Nevada.

Upon completion of the merger, the company will operate under the Umpqua Bank name and brand. STSA is up 12% in pre-market trade.